What should you consider when borrowing?

He Credit reference system (SRC) managed by APC recorded a total balance of consumer loans worth $38,373,252,412 at the end of May.

This figure includes loan and financing balances issued by banks, cooperatives, finance companies, businesses, insurance companies, telecommunications companies and others.

The system contains information on 1,808,226 Panamanians and 286,961 foreigners residing in the country, which is a total of 2,095,187 people. If the total balance is divided by the number of people signed up, the per capita balance would be $18,314.95.

“This figure seems high, considering the average income of the majority of Panamanians, however, 94% of this population pays their bills to date, between 0 and 60 days, counting from the date of your bill,” says engineer Giovanna Cardellicchio, the company’s general manager APC Intelidat an Experian.

For Cardellicchio, it is important to point out that the majority Panamanians use legitimate credit channels and do not resort to themas in other countries, to agiotists or moneylenders.

When applying for a loan, Cardellicchio warns that it is crucial to take into account a number of recommendations that guarantee financial health, such as the ability to borrow and the amount of the loan loan.

You should also consider the total amount that needs to be paid for that loan. Cardellicchio please note that if you are looking for a $5,000 loan and they tell you your bill is $250/month for 60 months, then you will pay a total of $15,000, of which you will only get $5,000 (deductible for closing or other applicable costs ). ) and will pay $10,000 in interest.

“People often focus on the monthly payment rather than the total debt they’re acquiring,” the manager said.

Another tip is to consider several options before acquiring debt, along with reading and understanding the documents that have been signed.

You should also not forget that your credit history is one of the cover letters to stay in good credit subject and access facilities to achieve their goals.